Analysis of Construction Equipment Attachment market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The construction equipment attachment market size is poised to expand 1.3X in terms of value, and is foreseen to progress at a CAGR of 2.4% during the forecast period (2020 to 2030). Construction equipment is a specially built machine used to carry out construction operations along with attachments that allow the base machine to perform a variety of tasks on a job site. Different construction equipment attachments are used for different functions across industries such as construction, mining, agriculture and forestry, manufacturing, etc., for variety of jobs, depending on the work at hand.
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The most popular category in the construction equipment attachment market is compact track loaders, with the largest market share. Skid steers are the second-most attractive equipment, and are anticipated to experience healthy growth by 2020. Various equipment types involve different types of attachments, depending on the type of equipment used. There are several types of attachments such as augers, hammers, buckets, blades, dozer dozers, and pallet forks, among others, available in the construction equipment attachment market.
Manufacturers are investing significantly in research & development of new attachments that have high strength, durability, and increase the efficiency of construction equipment. Increasing adoption of automation in construction machines has led to demand for advanced attachment tools that reduce operational costs and increase worker safety.
Buckets are the most common attachment segment across all equipment machines, which include skid steer loaders, compact track loaders, mini excavators, and telescopic handlers. Buckets have a range of applications, including digging, removal, cleaning, etc. Buckets are a must for a wide range of jobs, and account for the highest share of all equipment attachments available on the market.
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The construction industry sales channel segment of the construction equipment attachment market is foreseen as the most remunerative segment, and will expand at a significant CAGR of 2.4% across the forecast period. Significant actors in the industry invest in solutions to sell their equipment to end users to achieve maximum efficiency. Doosan, for example, introduced a low-weight mini-hydraulic pump that lowers fuel costs and enables several attachment choices for various jobs.
In 2019, by sales channel, the aftermarket segment dominated the overall market in terms of value. The aftermarket sales channel segment reached around 56% of the overall construction equipment attachment market share, by witnessing a historical CAGR of 3.2%. In Asia, the OEM sales channel is expected to progress at a value CAGR of 1.6% during the forecast period. The segment is expected to reach a market valuation of US$ 925 Mn by the end of forecast period of 2020-2030.
South Korea, China, Japan, and the U.S. are major producers of excavator attachments. Southeast Asia, India, and Brazil also supply excavator attachments through their manufacturing bases; however, they are dominated by companies from Europe, the U.S., and Japan.
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Asia and Oceania together are estimated to account for 45% of the total construction equipment attachment market share in 2020. Asian countries are markets with high growth of construction, building, infrastructure, and mining industries. Growing number of agricultural activities is expected to boost the growth of the construction equipment market. Further, increasing construction activities and rapid urbanization will provide immense growth opportunity in the region.
In North America, strong presence of prominent players is aiding the growth of construction equipment attachment market, which accounts for about 20% of the total construction equipment attachment market share. The Middle East region is projected to progress at 2% CAGR during the forecast period. This growth can be attributed to rising demand for infrastructure spending in the region.
Europe generated significant revenue in 2019, and is expected to see growth as a result of increased demand for machinery and equipment. In Oceania, the market in Australia is expected to expand at a moderate growth rate over the assessment period, due to stringent rules and regulations. The Latin America construction equipment market is likely to witness significant growth, owing to increasing investments in mining projects in the region.
The global construction equipment attachment market is fragmented in nature, with the presence of numerous local and regional players. Some of the players are Caterpillar Inc., CNH Industrial N.V., Volvo Construction Equipment, Doosan Corporation, Komatsu Limited, Kubota Corporation, Wacker Neuson SE, Hitachi Construction Machinery Co., Ltd, and Paladin Attachments.
Market players are focusing on expanding their footprints through partnerships and acquisitions in order to gain a competitive advantage. An example of such an expansion is: In 2020, Paladin Attachments introduced a latest model in collection sweepers from Sweepster, the SB215.
The outbreak of COVID-19 has presented multiple challenges for manufacturers in the construction equipment attachment. This effect will be profound and lasting due to restriction imposed on construction activities, scarcity of labor, and volatile demand for construction equipment. Lockdown of production facilities has further impeded the growth of the construction equipment attachment market.
Post COVID-19 crisis, manufacturers will focus on increasing their presence in developing economies, through increasing partnerships with dealers and other prominent players in order to gain market share.
This will lead to positive growth potential for the market. As per the report published by Fact.MR, it is estimated that, the construction equipment attachment market will be stagnant till the end of 2020, and as the situation is contained, the market will regain its original growth trajectory.
“Increasing construction projects such as malls, multiplexes, hotels, airports, highway, and others will increase demand for construction equipment attachments. Further, rising consumer awareness and growing trend towards electric construction equipment will lead to growth of the construction equipment attachment market.”
Fact.MR has published an exclusive forecast report on the construction equipment attachment market for 2020 to 2030. The foremost objective of this report on the construction equipment attachment market is to pitch insights on the market scenario, demand generators, and technological advancements in the market. Also, the study addresses the key dynamics that are expected to diversify the sales and future prominence of the market.
The report begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the construction equipment attachment market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the construction equipment attachment market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key buying factors for construction equipment attachments.
Supply chain analysis and pricing analysis of the construction equipment attachment market, along with the difference between construction equipment attachments used as per application, have also been included in the report.
Fact.MR’s study on the construction equipment attachment market offers information divided into three key segments— attachment, sales channel, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
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The construction equipment attachment market to grow at a CAGR of 2.4% through 2030.
Asia and Oceania together accounted for 45% of construction equipment attachment market share in 2020.
The prominent players include Caterpillar Inc., CNH Industrial N.V., Volvo Construction Equipment, Doosan Corporation and others.
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